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1. Which of the following concepts represents the extra revenue a firm receives from the services of an additional unit of a factor of production? a. total revenue b. marginal physical product c. marginal revenus product d. marginal revenue 2. Workers Quantity Produced 1 15 2 28 3 39 4 48 5 55 6 60 This company is a profit-maximizing firm selling in a competitive product market and hiring in a competitive labor market. It uses semi-skilled labor to produce dampers used in office building ventilation systems. Assume that the current market price per damper is $50 and that the prevailing weekly salary per semi-skilled worker is $550. This company should employ ______ workers. a. 2 b. 3 c. 4 d. 5 e. 6 3. The demand for labor is the same as the a. marginal revenue product b. marginal physical product c. marginal cost d. wage 4. The demand for labor slopes down and to the right because of a. the law of demand b. the iron law of wages c. the law of diminishing marginal returns d. economies of scale 5. The demand for labor will be more elastic if: a. there are few substitutes for labor b. there is a short time under consideration c. labor is a large percent of the total cost of production d. the demand for the product is relatively inelastic e. all of the above 6. Skills that can be transferred to other employers are called: a. general skills b. specific skills c. non-pecuniary skills d. all of the above 7. Which skills are most likely to be paid for by the employer? a. General skills b. Specific skills c. Educational skills 8. If worker A earns more in wages than worker B, it could be because: a. The product made by worker A sells for a higher price than that made by worker B b. Worker A uses more capital per worker than worker B c. Worker A has more natural ability than worker B d. All of the above 9. Skills that embodied in a person are called a. Human capital b. Embodied skills c. Physical capital d. Experience skills 10. "Treating an individual as typical of a group" is the definition of a. pure discrimination b. statistical discrimination c. human capital d. specific skills
jim is retaking statistics as part of his doctoral program. on his final in his ma program he received a 225. the class
The demand and supply curves for T-shirts in LA, Ca, are given through the following equations, Determine the equilibrium price and quantity after the shift of the demand curve.
What is DynaLinear's breakeven sales volume (in units) for converters and calculate the degree of operating leverage at a projected volume of 14,000 units and explain what the DOL means.
you are the manager for dunkin donuts and know the following
Ceteris paribus, which of the following situations would result in the largest quantity of money demanded? A decrease in the demand for the output that an input produces will cause the input's: The long-run aggregate supply relationship refers to. A ..
Substituting this value into the price elasticity of demand formula we obtain ∈=
let the production function ql 12 k12a what is the elasticity of substitution?b if the production is q l 12 k 12. what
when the price of a commodity falls by rs.2 per unitits quantity demanded increases by 10 units. its price elasticity
if the price elasticity of demand for a product is -5, and the income elasticity of demand for the product is 2.5. If a .5% decrease in product price as accompanied by a 1% decrease in consumer income, the firm's total sales will increase, be the ..
you are the manager of a firm that has an exclusive license to produce your product. the inverse market demand curve is
The Kingdom of the North and the Iron Islands produce 2 goods
If the merged firm were able to exploit economies of scale it would affect costs, may be even marginal costs. Assume the marginal cost of the merged firm was not 40, but 30. Is the merger profitable in this case?
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